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Storm Advisory for August 10: Carolina Hurricanes Sale Update and NHL News, Rumors, Links and Daily Roundup

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Could the finish line be in sight for Chuck Greenberg’s proposed purchase of the Hurricanes?

It was Bo Time for one Peter Dewar last night at the Carolina Panthers preseason game.

Let’s Make A Deal

News broke last night from Chip Alexander and Luke DeCock at the News and Observer that attorneys for both Peter Karmanos and Chuck Greenberg have received a proposed sale agreement for Greenberg’s purchase of the Carolina Hurricanes and are now reviewing it. Additionally, the N&O reports that Centennial Authority chairman Tom McCormick met informally with Greenberg yesterday, in what was described as a “chat” by McCormick.

Since a binding purchase contract still has not been signed, the article notes that another potential buyer could still parachute into the process, but it certainly appears, based on what we know now, that Greenberg’s bid for the Hurricanes is at an advanced stage. What remains unknown is the makeup of his investment group, and whether he has finalized the financial package necessary to purchase the team. Karmanos indicated in an interview with Chip last week that he had extended his internal deadline to allow Greenberg more time to shore up the finances, but that he wouldn’t wait forever.

Informed speculation in the article indicates that if everything goes well in legal review and Greenberg’s ownership group comes together in enough time, the deal could be wrapped up as early as the end of this month. That would theoretically give the NHL and the Centennial Authority the opportunity to sign off on the purchase before the start of the regular season, although the timeline won’t necessarily be dictated by the season opener.

Sources around the team have indicated to Canes Country that the process is closer to the end than the beginning, but there still remain no indications that Greenberg has finalized the financial package although he continues to work in that direction. While anything can happen, and it’s too early to say it’s absolutely a done deal if Greenberg’s ownership group successfully comes together, the feeling is that legal review and the investment makeup are the only two remaining significant hurdles to a deal being completed.

Reading Assignments

  • Cory Lavalette spoke with Don Waddell last week, and among other things, the Hurricanes president confirmed that the team turned a $2 million profit last year, not including the $16 million received as the Canes’ share of the Vegas Golden Knights expansion fee. [North State Journal]
  • Say goodbye to the Verizon Center and hello to Capital One Arena. [Associated Press]
  • Who has a chance to be this year’s version of the Avalanche, cratering from a respectable finish last season to a season in the cellar? (Spoiler: the Hurricanes aren’t included as a candidate.) [Sportsnet]
  • And finally, breakfast this morning is on Peter: